Intact to acquire RSA’s Canada, UK and international operations with CDPQ’s support

Intact Financial Corporation (TSX: IFC) today announced that, together with Tryg A/S (Tryg), it has reached an agreement for the acquisition of RSA Insurance Group plc (RSA). Pursuant to the transaction, IFC will, with the support of Caisse de dépôt et placement du Québec (CDPQ), acquire RSA Group’s Canada, UK and International operations and co-own RSA Group’s Danish business with Tryg. To support its customer driven digital strategy and the growth resulting from the acquisition and integration of these operations, IFC will invest $1.5 billion in technology in Quebec over the next five years. This acquisition will also significantly increase the role and influence of several strategic teams based in Quebec, consolidate IFC’s significant economic impact in the province, and increase that impact through these additional investments.

Additional investments in cutting-edge tech sectors

IFC’s growth is based on a long tradition of innovation and investments in technology that will accelerate with the acquisition of RSA. IFC will invest $1.5 billion over the next five years to support and grow the work of its digital, tech and AI development labs and software engineering teams. These Quebec-based teams will expand their scope and responsibilities as a result of the company’s growth and international operations, and to do this they will be hiring new talent. Over the next five years, more than 1,500 Quebec experts in user experience, design, mobile and software engineering, cybermetrics, machine learning and AI will work on developing and improving the digital customer experience, in addition to using technology to improve the efficiency of the company’s global operations.

Quebec talent driving growth for Intact and the Quebec economy

A number of IFC’s core operations are based in and directed from Quebec. The company has major teams that not only serve Quebecers, but also the rest of Canada and divisions across North America. Most of these teams will see their operations expand as the company’s international growth creates additional demands.

This includes the Intact Investment Management team, which will lead the company’s global investment operations and see its assets under management grow from $20 billion to $40 billion.

These expanded responsibilities for the Quebec-based teams will also enable IFC to act as a talent accelerator by providing even more high-calibre job opportunities for the next generation of Quebec university graduates, particularly in the actuarial, finance, technology and AI sectors.

IFC: A major employer rooted in the local economy

Since its beginnings in Quebec in 1907 (for the legacy company of Intact Insurance) and 1955 (for belairdirect), IFC has continued to grow steadily across the province in terms of its number of employees, investment, market share and community engagement.

IFC in Quebec today:

• Over 5,000 employees in its Montreal, Anjou, Québec and Saint-Hyacinthe offices
• Nearly one in three Quebecers and nearly one in four companies are insured through our Intact Insurance and belairdirect banners
• More than 530 property and casualty insurance broker partners of all sizes located across Quebec
• $1.6 billion in claim payments to Quebec customers, contributing to the province’s economic vitality by mobilizing the home restoration and renovation and automotive repair industries
• Collaboration with several major Quebec universities, including Université Laval, Polytechnique, Université de Sherbrooke, ETS and and the Institut de valorisation des données (IVADO), a collaboration between HEC Montréal, Polytechnique Montréal and Université de Montréal.